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Despite Brazilian Market Concerns About the Neighboring Country, The Company Affirms It Will Make Strong Investments In The Sector. YPFB Will Allocate US$ 324 Million To Natural Gas Exploration Projects Throughout 2023.
The Bolivian state-owned company YPFB is preparing for strong investments in the fuel market in 2023. Following rumors and much discussion about a natural gas shortage in the country, the company stated it will invest in exploration projects for this year. Brazil is approaching Argentina in search of new reserves. However, the Bolivian state-owned company wants to maintain its relationship with the national market in good condition.
With Rumors Of Natural Gas Shortage, Bolivian YPFB Announces Strong Investments In Exploration Projects For 2023
In parallel to the movement of rapprochement between Brazil and Argentina for alliances in the fuel sector, Bolivia is preparing to regain its leadership in national supply.
YPFB announced more than US$ 324 million in investments for natural gas exploration projects in 2023.
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It seeks to reduce and counter the rumors that the country is running out of fuel reserves, to overcome the situation and return to its status in Latin America.
Part of the Brazilian market is concerned about the accelerated decline in production from the neighboring country. However, YPFB denies that there will be a gas shortage and promises one of the “highest investments in its history” in exploration.
Stating that we are running out of gas is an incorrect assessment. Although there is a natural decline in production, which began in 2015 and 2016, this situation is reversing with the drilling of new wells,” emphasized the president of the Bolivian state-owned company, Armin Dorgathen, in a recent statement.
The Upstream Reactivation Plan (PRU) of YPFB, being developed by the company, plans investments in 32 natural gas exploration projects, 16 of which are underway and nine have already been completed.
The state-owned company is also moving towards new Oil Service Contracts (CSP) with Canacol Energy Colombia and Vintage Petroleum Boliviana, aiming to expand resource production in 2023.
Company Moves To Counter Rumors Of Natural Gas Shortage And Restore Alliances With Brazil In 2023
The announcement of the Bolivian company’s investments in natural gas exploration projects came shortly after Wood Mackenzie published a report on the recent lack of exploratory success in the country.
The rumors of a decline in fuel production in Bolivia have been worrying YPFB regarding its position in the international market.
Despite this, Gas Energy estimates that the country has enough gas for domestic consumption and to maintain part of its exports.
Thus, discussions about the current situation of Bolivia’s reserves intensify across the South American scenario.
Meanwhile, the current Lula government is moving to tighten relations with Argentina for future natural gas projects.
The president stated that his government will “create the conditions” to finance, via BNDES, the Néstor Kirchner pipeline.
With the realization of the project, Brazil will free itself from its dependence on the Bolivian state-owned company and will start exporting resources from Vaca Muerta to Southern Brazil.
However, it will be necessary to observe YPFB’s movements regarding the announced investments in natural gas exploration projects.
Get To Know YPFB
Yacimientos Petrolíferos Fiscales Bolivianos is a public Bolivian company dedicated to the exploration, distillation, and sale of oil and its derivatives. It was created on December 21, 1936, by a decree from the government of General David Toro.
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